M. Satyanarayana Murthy, J.

1. The Institute of Chartered Accountants of India, a premier institute established under the Chartered Accountants Act, 1949 to regulate the profession of Chartered Accountants in India, has, by virtue of the power conferred under Section 21 (5) of the Chartered Accountants Act, 1949 (hereinafter, for short, referred to as the Act), made this reference to this Court for passing an appropriate order against the respondent including imposition of penalty/punishment. The respondent, a Chartered Accountant, established a firm by name M/s M.Gang & Co, which was appointed as a Statutory Auditor of Ritesh Polyster Limited (hereinafter, for short, referred to as the Company). The General Manager, Securities and Exchange Board of India (hereinafter, for short, referred to as SEBI) addressed a letter to the President, Institute of Chartered Accountants of India (hereinafter, for short, referred to as the Institute) stating that it had conducted an investigatio